"The issue isn't how much money the business of basketball makes. The issue is that basketball isn't a business in the first place. Forbes magazine annually estimates the value of every professional franchise, based on standard financial metrics. When sports teams change hands, however, the actual sales price is invariably higher. Forbes is evaluating franchises strictly as businesses. But they are being bought by people who care passionately about sports — and the $90 million premium that new owners were willing to pay represents the psychic benefit of owning a sports team (not unlike the physic benefit of owning a rare painting].
The owners, with a few exceptions, spend like drunken sailors, both on franchise stars and middle class role players, all for the psychic benefit of a championship, then suddenly wake up and "demand a $27 million refund." Feh. The player's would be wise to bend but the owners are seeking rescue from their own folly. Read tho whole thing,. you'll see what I mean. http://www.grantland.com/story/_/id/6874079/psychic-benefits-nba-lockout